F.HINDS LIMITED
Company number: 00149328
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
1 October 2021
Approved by:
Stephen Cornwall
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 48%
- in 61 days or more: 9%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
Standard payment terms vary across the business depending upon the type of supplier. Most jewellery stock suppliers are paid on monthly payment terms (payment before the end of the month following the date of the invoice) which averages just under 45 days. We try to use local suppliers wherever possible, but our supply chain is global. Stock deliveries have to be transported to the UK and pass through customs. All precious metal items, whether made in the UK or overseas, need to go through the legally required Assay Office hallmarking procedure and be delivered to us. Given that a significant proportion of the value of the items that we sell is in the precious metal that they contain, it is vital to be sure that these are as described before payment can be made. On arrival, all deliveries need to be inspected and to pass Quality Control checks to ensure that we are providing a high quality product to our customers.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Relationships with suppliers are dealt with by individual buyers, all of whom are directors or senior managers. If and issue was to arise, this would be considered in the first instance by the buyer. If there was a situation where this did not resolve the issue, then the matter would be escalated to the board of directors. This has not happened for many years.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No